SMEs and VCs are looking forward to the "three rain" of the New Third Board (VC308)

Just like the expected rain in the same period, the “Future Rain” of the NEEQ expansion pilot project has made small and medium-sized enterprises, PE / VC and high-tech zones around the world look forward to seeing it. Jin Liyang, director of the Comprehensive Research Institute of the Shenzhen Stock Exchange, said in a forum recently that the NEEQ has great development potential in terms of the exit mechanism. If combined with institutional innovation, the entire NEEQ may become a concentration of venture capital.

The collapse of small and medium-sized enterprises in Jiangsu, Zhejiang and Guangdong has attracted people's attention, and the difficulty of financing for SMEs has once again been pushed to the cusp. The single financing channel is the crux of the difficulty of financing for SMEs. To solve this persistent problem, new channels must be opened. When small and medium-sized enterprises are "awaiting feeding", they are full of expectations for the "new weather" of the New Third Board.

Cheng Xiaoming, general manager of the New Third Board business of Western Securities, said recently that the most important purpose of the New Third Board is to resolve the financing difficulties of small and medium-sized technology companies. At present, the planned expansion of the new third board market is a good opportunity to allow more small and medium-sized technology companies to enter the capital market for financing. Moreover, as an off-market market, the new third board market has a lower threshold, which can allow more small and medium-sized high-tech enterprises to enter the market and can largely solve the problem of financing difficulties for SMEs.

Cheng Xiaoming suggested that enterprises should seize the opportunity to quickly go to the New Third Board. Its future is to build China's Nasdaq.

PE / VC pays attention to the new three board exit mechanism

PE / VC, especially small and medium-sized PE / VC, are also closely watching the expansion opportunities of the new three boards. In addition to expecting this platform to bring them investment opportunities, another important reason is that the New Third Board is expected to become a larger exit channel for PE / VC. A number of project plans clearly stated that "if the expansion of the new third board in the next year, the company will be listed on the new third board financing."

Compared with foreign countries, the domestic exit mechanism is not yet perfect. At the second China Venture Capital Forum held on May 26, Jin Liyang, director of the Comprehensive Research Institute of the Shenzhen Stock Exchange, said that in the 2010 venture capital exit cases, there were 331 exits by IPO, accounting for 85.3%, and less than 6% of mergers and acquisitions and equity transfers.

Liu Shian, deputy director of the Shanghai Stock Exchange, said that a single exit channel has caused many venture capitals to get together with PRE-IPO projects. As a result of "making quick money", the market competition has gradually deteriorated. He said that it was the OTC market, such as the New Third Board, that had not yet been established, which led to the exit of venture capital that relied solely on concentrated OTC markets.

Jin Liyang said that in the new third board piloted in Zhongguancun, at the end of 2010, more than 80 companies had venture capital exits, with more than 800 million funds returned. With regard to the exit mechanism, the development potential of the NEEQ is very large. If combined with institutional innovation, the entire NEEQ may become a concentration of venture capital, not only as a place for venture capital investment, but also as a place for exit.

New and old high-tech parks are looking forward to the expansion of the new third board

Closely related to the New Third Board, in addition to small and medium-sized enterprises and PE / VC, there is also a main body looking forward to the expansion of the New Third Board, that is, the major high-tech parks. Previously, many national high-tech zones have reported on the preparation and anticipation of the New Third Board. Recently, not only those well-established national-level high-tech zones are actively preparing for war, but even some newly-increased national-level high-tech zones are also full of ambitions. One example is the Songshan Lake High-tech Zone in Dongguan, Guangdong.

The park was just listed in 2010 to establish a national high-tech zone. On May 26, the high-tech zone management committee hosted the "jumping from high-tech enterprises on the New Third Board-2011 Dongguan SME Technology Financing (Phase 2) Exchange Meeting", recommending the New Third Board to the park enterprises to declare Pilot. It is reported that Songshan Lake has already started the preparation and application of the new third board pilot, and listed it as the focus of work in 2011.

It is understood that the Songshan Lake High-tech Zone has contacted more than 100 companies that are willing to enter the New Third Board, and more than 20 companies have signed stock reform agreements with securities firms. Strive to achieve a group of enterprises to complete the shareholding system reform within two years, a group of enterprises have entered the substantive operation stage of listing on the New Third Board, and a group of enterprises have successfully listed.

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